#64: Twiga Foods - How the AgriTech supply chain company is connecting SMB retailers and smallholder farmers to improve food logistics across Kenya and Africa
Description
Overview: Today, we’re going to talk about Twiga Foods. We’ll explore the story across the following 6 areas
Africa Agricultural context
Kenya farming & market access context
Twiga Foods’ early history
Twiga Foods’ Product & monetization strategy
Twiga Foods’ Competitive positioning & potential exit options
Future outlook.
This episode was recorded on May 28, 2023
Companies discussed: Twiga Foods, Apollo Agriculture, Vendease, Kibanda, Kellogg, Tolaram, Multipro, Olam, Dangote, Coca-Cola, Shoprite, Cargill, Nestle, Unilever & Safaricom (M-Pesa)
Business concepts discussed: Agriculture technology (AgTech, AgriTech or AgroTech), Agribusiness marketplaces, farming financing, Farmer market access opportunities, SMB Retail, B2B solutions and Agriculture Logistics.
Conversation highlights:
(01:00 ) - Twiga Foods context
(08:53 ) - Africa Agriculture context
(18:30 ) - Kenya background and agriculture context
(23:34 ) - Market access context in Africa
(31:20 ) - Market access context at Twiga Foods' founding
(40:12 ) - Founders’ background and farming context
(56:10 ) - Fundraising
(1:04:10 ) - Geographical expansion, Partnerships and Hiring
(1:15:00 ) - Metrics
(1:20:15 ) - Product & Monetization strategy, Cost structure
(1:32:58 ) - Competition
(1:35:00 ) - Options for exit
(1:45:50 ) - Olumide’s overall thoughts and outlook
(1:58:58 ) - Bankole’s overall thoughts and outlook
(2:06:31 ) - Recommendations and small wins
Olumide’s recommendations & small wins:
Recommendation: Berkshire Hathaway story on the Acquired podcast. It has multiple parts and is really good. The Acquired podcast is like the non-African version of Afrobility. They tell stories of companies in developed markets. Alternatively you could say Afrobility is the African version of Acquired.
Recommendation: Exxon-Mobil analyses on Business Breakdown podcast. Business Breakdowns is like a more serious suit-and-tie version of Acquired. As you can tell from my recommendations I like podcasts that analyse businesses.
Small win: Sao Paulo trip. It was fun.
Small win: To physically touch and hold the Firedom (financial independence) book. I and Samon released the paperback and hardcover versions in May and I just received my author copy. It feels magical, the book is beautiful and bright red.
Bankole’s recommendations & small wins:
Recommendation: Article about end of Life Dreams, Hallmarks of Good Product Sense & This Company Will Give You A Free TV In Exchange For Your Data | AdExchanger
Small win: The EPL season is over, and the suffering of being a Chelsea fan is on pause…
Other content: Winning in Africa’s agricultural market, After 18 Months, Your Investment Probably Isn’t Getting Marked Up - Angellist & Kellogg purchases 50% of Multipro for $450M
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